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There’s been a bit of hub-bub over the last day or two about taxes on Christmas Trees…(well, there’s been lots of hub-bub about lots of stuff over the last few days, but I’m going to stick with taxes).

Well here we are again at the end of another year! For me, that means that tax season is right around the corner. We are in the process of printing out organizers, and we will be mailing out to clients in early January.

Good news! HR 4853 “Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010” was approved by the Senate, House and signed by President Obama on Friday, December 17th. In addition to extending the Bush tax cuts, providing relief from the AMT, and cutting payroll tax by two percentage points, this new law extends a host of other important tax breaks for businesses and individuals. Since these decisions will affect many clients, we will send out a year-end newsletter with information on how the final decision may affect you.

Year-end is just around the corner, which means Thanksgiving turkey, Christmas presents and tax planning! Tax planning is a bigger challenge this year than in years past. Recent elections have changed the Congressional landscape; Republicans have won control of the House and have gained seats in the Senate. Even though it’s still too early to know how this will affect open tax issues, I have included some checklists of actions that can help you save tax dollars if you act before year-end. Although all actions will not apply to every individual or business, we can help narrow down the list once we meet with you to tailor a particular plan. Review the lists and call our office today to schedule your tax planning appointment before the calendar fills up.

We would like to wish everyone a wonderful holiday season. We will be making a few blog posts in December regarding tax planning. We want you to have a wonderful holiday, but also remember that now is the time to plan for your 2010 taxes!